The first phase of the Chabahar port on the Gulf of Oman was inaugurated on Sunday by Iranian President Hassan Rouhani, opening a new strategic route connecting Iran, India and Afghanistan bypassing Pakistan, and reflecting growing convergence of interests among the three countries.

Fardin Asadi, the manager for development of oil layers at South Pars, said on Sunday that Iran has exported about 4.26 million barrels of oil from South Pars to international destinations since the beginning of the Iranian calendar year.

Eight kilometers of the railway lie within Azerbaijan, while the remaining two are in Iran. The line is significant because it links Azerbaijan’s rail network with that of Iran, specifically the Qazvin-Rasht-Astara railroad.

With US President Donald Trump choosing not to certify that Tehran was complying with the terms of the 2015 nuclear deal, the fate of Iran’s Chabahar Port that India has been keen to develop, seems to be in the balance.

ONGC Videsh Ltd, the overseas arm of state-owned Oil and Natural Gas Corp (ONGC), on Monday said it hasn’t heard from Iran on the USD 11 billion ‘best offer’ it gave for developing the Farzad-B gas field.

In recent days, most of OPEC members have been echoing the term “ oil marketis balancing” now in response to the effectiveness of their landmark 1.8 million barrels per day output cut pact since 2008 along with Russia.